5 Attributes Of Lord Ganesha You Can Apply To Your Personal Finance

Aug 24, 2017

As Ganesh Chaturthi begins tomorrow, the people of Mumbai and many parts of Maharashtra are preparing to welcome their most beloved God, Ganesha (or Ganapati). There is a festive mood around with mandaps being built, streets lit with colourful lights, and orchestras practicing for the festive day to put on their best performance.

It's a 10-day festival where devotees bring the Ganesha idol into their homes or their societies. However, Lord Ganesha is not limited to this 10-day festival. If applied to our daily lives, his attributes can create a better quality of life. There are many lessons Lord Ganesha can teach us, and one such thing is our personal finance management.

1. Humility

   In Hindu mythology, the mouse is the represented as the vehicle or vahana for Lord Ganesha. But, have you ever wondered why the elephant-headed God travels on an animal as tiny as a mouse?

   This is a sign of his humility, demonstrating that the most important lesson for life is simple living, higher thinking.

   Learning to live within your means is the first step to saving more than you spend.

   Stick to your budget and avoid falling into the debt trap. Keep your needs as basic as possible and invest your savings towards the future. You need to ensure your family is financially secure with an adequate insurance coverage after you are gone.

2. Wisdom

   There are a few versions of how Lord Ganesha acquired an elephant head. Elephants personify wisdom and intelligence, and for a devotee, his head represents broad, forward thinking and knowledge.

   Some investors often delude themselves into believing that they are financial experts. So more than investing, they are often engaged in timing the markets. To be sure, even when market-timing works (which is rare since no one can predict stock market movements accurately and consistently), this method does not fare significantly better than investing regularly regardless of market movements. Studies have shown that even if an investor called the market lows consistently and accurately over a period of time, he/she would have done only maybe slightly better than the investor who invests (the same amount) regularly over the same time period.

   This is no magic; this is the result of cost averaging and compounding.

   You need to have a holistic view and a long-term approach. Best is to invest systematically so that you accomplish your financial goals.

   Hence, think big and seek knowledge; understand what a financial product has to offer. Invest in yourself, learn and become your own financial planner with our e-learning course.

3. Good Listener

   Lord Ganesha's large ears are one of his most prominent features, and assure us that he is a good listener.

   And to be a good investor, keep your ears widen open, seek opinions from professional such as a certified financial guardian and always involve your family before making investment decisions. By listening openly, you will learn not to react to every market news. Everyday there's news flashes about global crisis, political shifts, and/or changes in government policy that influences how the markets might react in a certain way. What is important for you is to stay calm and understand the potential ramifications and the impact on your personal finance /investments.

   Also, do not select an investment avenue/scheme simply because it provides better returns or is recommended by a friend, family member, or investment advisor. Your investment decisions should not be influenced by past performance. Take the time to understand the different risk profiles of various investments. For instance, stocks/equity funds have a higher risk profile, while debt is relatively low risk. It is best to select an investment based on whether it suits your risk profile.

4. Adaptability

   His big belly or stomach stands for his capacity to absorb everything he comes across in life. He quickly learns how to adapt to change.

   Similarly, as a good investor, you need to increase your savings by streamlining your budgets. Moreover, once you invest, monitoring the portfolio regularly to separate the non-performing weeds out of your garden is critical. Meaning, discontinue with instruments that aren't beneficial to you. If an investment is not contributing to your investment objective any longer owing to a fundamental change, it has no business being in your portfolio.

   Getting attached to your investments can prove detrimental to your investment plan. You ought to be rational in your approach.

5. Endurance

   Ganesha is also known as the 'Vignaharta' - the one is the remover of all obstacles; the one who takes away all problems.

   No matter what situation or temptation arises in life, stick to your financial plan. Always ask yourself what is more important and what do you need the most. Just like Ganesha, look at the larger picture of your life and fight against the obstacles graciously.

   Life can sometimes give us unpleasant surprises when we least expect them. Contingency reserves (or emergency funds) are a means to take care of your and your family's expenses during an emergency situation, such as loss of job, markets crashing, medical emergency, or any unfortunate event that comes with an economic loss for a period of time. For these reasons, it is advisable to keep about 12 months of your regular expenses in a savings bank account or you can also opt for sweep in account, flexi deposit, or liquid funds if you desire a better rate of interest. Many people do not maintain a contingency fund, and undergo both financial and emotional trauma during harsh or extraordinary circumstances.

So, this year as you invite Lord Ganesha home, pledge to imbibe his good qualities to lead life full of abundance and virtue. With his teachings awaken your inner-self and inculcate these financial habits for a sound future.

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